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Profriends postpones IPO pricing to Q1

Posted on December 15, 2014 11:16:00 PM [ BusinessWorld Online ]

PROFRIENDS Group, Inc. has postponed the announcement of a final offer price for its initial public offering (IPO) until it secures approval from the Philippine Stock Exchange (PSE), Reuters reported yesterday.

The mass housing developer was supposed to announce the final IPO price yesterday, after getting last Dec. 3 clearance from the Securities and Exchange Commission.

Now the offer price could be set instead in the first quarter of 2015, Reuters reported quoting an underwriter.

The transaction’s underwriter, First Metro Investment Corp. (FMIC), had previously said the PSE board was scheduled to discuss Profriends’ application last Dec. 10 but, as of yesterday, the local bourse still has yet to announce its approval.

PSE officials did not respond to a request for comment.

A regulatory clearance would have allowed Profriends to offer shares from Dec. 17 to Jan. 9.

FIRST IPO FOR 2015

Listing date was originally scheduled for Jan. 15 that would have made Profriends the country’s first new listing next year.

FMIC and BDO Capital & Investment Corp. were hired as joint lead managers, joint lead underwriters and joint lead bookrunners for the IPO.

Profriends plans to raise up to P7.71 billion from the sale of 385.75 million common shares for up to P20 each, according to the company’s prospectus.

From IPO proceeds, about P3 billion will go to development and construction; P2 billion to subsidiary Williamton Holdings, Inc. which will process in-house financing requirements of the group’s housing projects; P600 million for general corporate purposes; and the rest for land banking. Its land bank totals 1,800 hectares in the provinces of Cavite, Iloilo, Pampanga and Cagayan de Oro as well as in Metro Manila. -- Daphne J. Magturo
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